“Our past review did identify mistakes, for which we have
apologised,” Sands told employees today, without elaborating on
the specific errors, according to the document obtained by
Bloomberg News. Melissa Cheah, a Singapore-based spokeswoman for
the lender, confirmed that Sands sent a memo to staff.

The lender settled the probe for $340 million, a day before
it was to defend its right to operate in New York state. It
still faces federal inquiries over claims it helped sanctioned
nations including Iran illegally funnel money through the U.S.

The lender is in talks with the other agencies, Sands said
in the note.

“There are many reasons why firms settle such
agreements,” Sands said. “We have sought to act in the best
interests of our shareholders, clients, customers and staff.”